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Pi Coin has registered a surge of 7.06% in the past 24 hours, reaching $0.5355 with a market capitalization reaching $4.02 billion with an increase of $4.02 billion. In this frame, it traded highest at $0.5415 and lowest at $0.4961.

Source: CoinMarketCap

As per experts, the surge in Pi Coin intraday is probably backed by the news that Pi Network has officially reached 60 million active users. 

Is Pi Coin eyeing to retest $1.00? 

In the past 30 days, Pi Coin has been in slow but steady decline, dropping from near $0.90 to the current level of around $0.53. This loss reflects weak momentum and pressure from sellers, yet there are a few chances of recovery seen in the last few sessions.

Source: TradingView

Pi Coin began this month at above $0.85 but soon began a downward trend. There are a few short bounces, but none of them last long; the prices kept falling, reaching their lowest point near $0.50.

A major price drop happened around June 13, 2025, shown by a red candle with high volume, which is expected to have been executed by a large sell order or market panic.

In the past few sessions, PI has made a small upward move from around $0.51 to $0.54, crossing over some short-term moving averages.

When writing, Pi Coin is trading below 20,50, 100, and 200-day exponential moving averages, as per TradingView, its prices are at 38.92% losses.

Market experts mark $0.2855 as the nearest support visible of Pi Coin, and in case it succeeds in reversing the trend, its most possible resistance levels are $1.3844, followed by $1.6438 and $2.0636.

Primary technical indicators 

Relative Strength Index (14)- 36.2439 (Neutral) 

Commodity Channel Index (20)- Negative 71.2525 (Neutral)

MACD Level (12,26)- Negative 0.0458 (Sell)

Stochastic %K (14,3,3)- 50.6343 (Neutral) 

Exponential Moving Average (10)- $0.5473 (Sell)

Average Directional Index (14)- 29.7899 (Neutral)

Back in March 2025, the market capitalization of Pi Coin reached above $17 billion, but as of June 01, the market capitalization was $4.75 billion.

The falling prices and market cap show that investors’ confidence is weaker now, and Pi is now required to take necessary steps to boost the fading interest of its users.

Its listing on mainstream exchanges such as Coinbase and Binance could help it reach a broader audience. 

Pi Coin registered its all-time high of $2.97 on February 26, 2025, and its lowest trading price to date was $0.4012 recorded on April 05, 2025.

According to a report by Bloomberg, VMS Group, a money manager to some of Hong Kong’s richest, is now ready to debut in crypto investment, following the transparent and favorable set of rules for digital assets in the region, attracting new investors.

It is worth noting that VMS Group has $4 billion in assets under management, and now plans to invest $10 million in Re7 Capital strategies. While talking to Bloomberg, Elton Cheung said the firm is yet to decide the total final amount for the allocation.

Cheung said that the move is followed by the decision of VMS Group to diversify more into liquid investments. He told Bloomberg, “ We thought this was the right time because of growing demand and because we see clearer legislative and government support from various jurisdictions, as well as large institutional support and endorsement.”

“The firm has largely focused on private equity and other longer-duration strategies since it was founded two decades ago. While those investments have performed well, such types of assets have become less liquid as more companies opt to stay private for longer, making it more difficult to exit,” he said. 

According to the data from Crunchbase, VMS Assets Management has invested in several companies, including Hope Medicine, Awfar, CiDi, Laiye, Slope Finance, SyMap Medical, Uniskin, HAI ROBOTICS, and Inmagene Biopharmaceutical. 

Asset manager boosting stakes in blockchain and crypto

Over the past few years, asset managers have been increasingly shifting investment into blockchain and cryptocurrency-based products, driven by growing institutional demand. 

Asset managers like BlackRock, GrayScale, Pentera Capital, and Bitwise Asset Management have already debuted the decentralized category and are now positioned as one of the most prominent players in the market.

Especially after the approval of Bitcoin spot ETF, the cryptocurrencies have gained mainstream traction with a surge number of users, adopters, and holders.

On the other hand, asset managers, some publicly listed companies have also shown their interest in Bitcoin, MicroStrategy, Metaplanet, Tesla, Hut8, Nexon, and K33 are some major players, including several others.

Not only institutions and publicly listed companies but also some nations have opted to form their crypto reserve, which will primarily include Bitcoin.

A special push towards Bitcoin has been noted after the historical victory of Donald Trump in the presidential elections of the United States held in 2024. 

During his election campaigns, he promised to favour Bitcoin and make the U.S a digital economy. Trump has signed several orders that have opened new paths for cryptocurrencies.

The shift towards digital assets is supported by regulatory advancement, client demand, and market growth, though volatility and security concerns necessitate cautious strategies. 

A quick update on the crypto market

As of writing, the cryptocurrency market capitalization was $3.26 trillion, with an intraday increase of 3.67% and the trading volume is above $150 million.

At the same time, the crypto fear and greed index was 47, indicating neutrality; Bitcoin is now at $105,292 with a surge of 3.75%, its market capitalization is $2.09 trillion with an increase of 3.86%.

Ethereum added more than 6.50% to its price, reaching $2,400. The market capitalization is $290 billion, which is up by 7.37%, and the trading volume was $28.31 billion.

According to the data from CoinMarketCap, the intraday gainers list has been topped by Sei, followed by Jasmy Coin, Dogwifhat, Virtuals Protocol, Jupiter, Sonic, Arbitrum, and Bittensor.

According to a regional media outlet of Israel, the Shin Bet and the Fraud Unit of Tel Aviv District police detained a 27-year-old resident of Tel Aviv on June 22, 2025, over the suspension of carrying out an assignment for a hostile Iranian entity. 

In the statement by the Security Agency of Israel and police spokesperson, the detained Tel Aviv resident was in touch with Iranian operatives for several months and has allegedly carried out several tasks under their direction.

The assigned or completed tasks by the arrested individual include capturing photographs of officials’ houses, collecting documents of military bases, and spray painting graffiti.

While investigating, the official found that the accused had received 1000s of dollars in payment in cryptocurrencies; at the time of the raid, computers and digital storage devices had been seized that are believed to be used to convey the information to the handler.

The investigating agency quotes, “ These organizations reach out through social media platforms, and we urge all citizens and residents of Israel not to engage with foreign actors or carry out any missions on their behalf.”

Further adds that, “ All security bodies will act with full force to bring anyone involved in such activity to justice and call on the public to immediately report any suspicious contact or solicitation attempts.”

How did the escalation between Iran and Israel affect the crypto? 

Following the airstrikes, the Iranian crypto market saw a staggering outflow. Ordinary Iranians increasingly turned to crypto to preserve wealth and circumvent sanctions, as the Iranian rial continued to depreciate in value.

The wider crypto market saw an outflow of around $1 billion on June 13, 2025, at a time Bitcoin was seen below $100k, yet a few hours after it succeeded in recovering to $102k.

Iran’s Central Bank has also imposed strict control, limiting crypto exchange operating hours and restricting fiat-to-crypto conversion to curb capital flight.

The pro-Israeli hacking group, Gonjeshke Darande (Predatory Sparrow), hacked the popular crypto exchange Nobitex for $90 million in cryptocurrencies. It is largely argued that the hack was politically motivated, and the stolen funds were transferred to a burner wallet.

A quick brief of the crypto market 

As of writing, the cryptocurrency market capitalization was $3.24 trillion with an intraday surge of 3.98%, and the trading volume was $153.73 billion.

The crypto fear and greed index was at 47, indicating neutrality, and Bitcoin is at $105,184 with an increase of 3.25% in the past 24 hours.

According to the data from CoinMarketCap, the intraday gainers list has been ruled by the Sei, followed by Dogwifhat, Jasmy Coin, Sonic, Virtual Protocol, Jupiter, Injective, and SPX6900.

On the other hand, the weekly gainers are Sei, Kaia, Jasmy Coin, Aerodrome Finance, Dogwifhat, Four, Algorand, Sonic, and Gate Token.

A major illegal crypto marketplace called Huione Guarantee was shut down in May after Telegram blocked thousands of its accounts and channels; after its shutdown, its users have moved to at least 30 other similar marketplaces.

It is worth noting that one of them, called Tudou Guarantee, gained the most; its number of users doubled since May, and it has taken over much of Huione’s previous business.

Elliptic found in its report that, “ Tudou Guarantee has seen users more than double, and cryptocurrency inflows are now approximately equal to those seen for Huione Guarantee prior to its shutdown.”

According to the report by Elliptic, “ USDT transactions have effectively ceased at Huione Guarantee, reflecting the closure of the dark marketplace. (Bottom) Daily USDT volumes at Huione Pay have been largely unaffected by the shutdown of Huione Guarantee, or Huione Group’s designation by FinCEN.”

The report also notes that, “ Huione Pay and Huione Guarantee were engaged in very different activities, with distinct crypto wallet infrastructure. By analyzing blockchain transactions at a more granular level, it is clear that, although Huione Pay continues to transact high volumes, Huione Guarantee’s transactions have effectively ceased.”

What is Tudou Guarantee, and how does it differ from Huione Guarantee? 

Tudou Guarantee and Huione Guarantee are both Chinese language Telegram-based ‘guarantee marketplaces’ that are used as an escrow-like platform, primarily facilitating illicit transactions for online scammers, especially in Southeast Asia.

Huione Guarantee was the largest illicit online marketplace ever recorded, facilitating over $27 billion in transactions from 2021 until its shutdown on May 13, 2025. It was part of the Cambodia-based Huione Group, a conglomerate linked to the country’s ruling Hun Family and operated as a Telegram-based platform for scammers.

Telegram shut down Huione in May this year following the research by blockchain analytics firm Elliptic, which exposed its role in facilitating billions in scam-related transactions.

As per the available information, Huione Group holds a 30% stake in Tudou Guarantee; this financial link suggests that Tudou is partially controlled or influenced by Huione Group.

Tudou Guarantee has seen rapid growth in May 2025, especially after the shutdown of Huione Guarantee. Tudou serves as a significant player in the illicit guarantee ecosystem.

How does Telegram facilitate illicit crypto activities? 

Platforms like Tudou Guarantee and the now-defunct Huione Guarantee operate on Telegram, offering escrow services for illicit transactions, including money laundering, stolen data sales, and scam infrastructure.

This type of marketplace has enabled scammers to operate with trust using Telegram infrastructure to connect anonymous buyers and sellers. 

Over time, the role of Telegram for crypto has turned into a double-edged sword; its privacy features, large group chats, and bot integration make it a go-to platform for the crypto community, which has more than 800 million users.

Over the past several sessions, the SUI price has continued to move towards the red territory, and when writing, it was trading at $2.4940 with a loss of 17.69% in a week, and 30.15% in a month.

Source: TradingView

Currently, SUI prices are far below its 20, 50, 100, and 200-day exponential moving averages, and the market capitalization is at $8.44 billion. 

What does the monthly price chart of SUI show? 

The monthly price chart of SUI/USDT reveals persistent down trend with lower high and lower loss dominating the structure, since beginning of June SUI has seen consistent selling pressure feeling to break above the resistance level while sleeping below critical moving averages. 

Source: CoinMarketCap

Convergence of 20-day EMA and 50-day EMA around $2.4890 further confirms near-term selling pressure, while the widening gap with the 200 EMA reflects a long-term downtrend. 

On the other hand, volume has remained relatively modest throughout the month with occasional spikes around June 5-7 and June 20, likely indicating brief attempts at recovery or liquidation leading to volatility. 

Unless SUI can hold above the $2.65- $2.70 resistance zone, the outlook remains bearish with potential for further downside towards the $2.30- $2.10 support area.

SUI’s market cap under fire

The market capitalization of SUI has shown a steady and significant decline over the past month, falling from just under $13 billion in late May to $8.42 billion as of June 23, 2025. 

This marks a drop of nearly 35%, indicating sustained bearish sentiment and investor outflow from the SUI ecosystem. A major acceleration in the downtrend was noted on June 10, following a brief period of sideways consolidation and slight recovery.

The sharp decline in Sui’s market capitalization occurred in mid-June, possibly tied to broader market volatility and geopolitical triggers affecting investors’ confidence.

Notably, the decline in the market capitalization aligns with SUI weakening prices, the drop not only suggests a technical correction but is also driven by reduced trading volume, lower investor demand.

A quick brief of SUI network activity 

The SUI Network has strong and consistent user growth, and the total number of accounts has reached 213.4 million, with an impressive surge of 433,800 new accounts created in the last 24 hours. 

The daily active account has collected between 200,000 and 450,000 the past 30 days, indicating a steady base of engaged users. Meanwhile, the total active account has remained above 150 million, which showcases long-term retention and strong platform adoption. 

A recent survey by deVere notes that investors of 24 to 45 see Bitcoin as a potential for ‘ exponential upside’ over Gold. In the survey, the financial advisory giant surveyed 730 Generation Z and Millennial investors and found that 73% of them prefer BTC over Gold.

Nigel Green, the Chief Executive Officer of deVere, argued that Bitcoin and Gold are not rivals but ‘radically different assets’ and solve differently; he quoted, “ Gold is stability. Bitcoin is growing. If you want to build and protect wealth over the long term, you should be holding both.”

The conducted survey closely favors the finding of a previous survey that found that nowadays Bitcoin is a more preferred investment vehicle than the available traditional options, such as gold and others.

Nigel also said, “ The momentum behind Bitcoin among younger investors is undeniable,” and “ They see it as digital gold – borderless, accessible, and aligned with the future.”

“This generation is right to question the old models. But diversification is timeless. Having uncorrelated assets in your portfolio is how you build true resilience. Gold and Bitcoin together offer that balance,” Green said. 

Bitcoin is becoming widely popular among youngsters

The adoption, usage, and knowledge of Bitcoin among investors between 18 to 34 years has grown to a new peak backed by several factors; it is popular because the younger generation is digital natives, comfortable with mobile banking apps, and online platforms.

Many of the youngsters have seen severe financial crises leading to scepticism about banks and centralized institutions; Bitcoin is seen as ‘digital gold’, and many of the youngsters prefer trading over stocks, equity, or gold.

For finance enthusiasts, Bitcoin has become a dream, with some holding BTC worth millions and even billions of dollars. In 2024, 63% of US adults lack confidence in crypto safety, and 40% are worried about platform security. 

Bitcoin has gathered massive traction among younger generations because of their tech fluency, distrust of traditional finance, and financial reality. 

A quick overview of Bitcoin 

As of publishing, Bitcoin is trading at $101,268 with an intraday loss of 1.38% and has lost 5.13% in a week; at the same time, its market capitalization is $2.01 trillion with a loss of 1.32%.

With these most recent declines, Bitcoin is now below its 100 and 200-day exponential moving averages, and at the same time above 20 and 50-day EMAs. 

According to the data from TradingView, despite short-term losses, Bitcoin is up by 15.72% in the past three months and more than 55% in the past 52 weeks.

BTC’s market cap remains bullish in the quarterly frame, adding 15.98%, half-yearly grew by 3.19%, YTD 8.85 and 59.00% annually.

Over the last few hours, the wider crypto market has seen a triggered sell-off after the confirmation of a series of airstrikes on the nuclear sites in Iran. Soon after the confirmation of the attack fell to $100,945 before rebounding slightly.

In just a couple of hours, more than $35 billion vanished from the market capitalization of the wider crypto sector, highlighting a panic sentiment among traders and investors.

As of writing, the crypto market capitalization was $3.12 trillion, and the trading volume is $139.09 billion, with an increase of 26.02%. 

Bitcoin Reacts to U.S. Strike on Iran

Soon after the news of an attack by the United States in Iran, nuclear sites dragged Bitcoin below $100k, and at one time, it was seen trading at $98,286. 

Source: TradingView

Post initial drop saw a slight recovery momentum with price once again climbing above $100k, and traded highest at $102,852 in the past 24 hours.

Experts argued that the initial sell-off and panic situation in the market arose with rising geopolitical tension; as per the crypto liquidation heatmap by CoinGlass, total liquidation of Bitcoin in the past 12 hours is $34.57 million, including $2.18 million in long and $32.39 million in short.

It is worth noting that the largest liquidation order occurred on HTX in the BTC/USDT pair valued at $35.45 million.

Response of the crypto market to the U.S attack on Iran

Per the available reports, the U.S attacked three nuclear sites of Iran that escalated geopolitical tension at various levels, also the crypto market saw massive losses. 

Source: CoinGlass

Cryptocurrencies such as XRP, Dogecoin, BNB, SUI, OKB, Filecoin, Flare, Pendle, Jito, Pepe, Bitget, and Worldcoin remain some of the most affected.

In the past 24 hours, 187,170 traders were liquidated, and the total liquidation comes in at $656.19 million. The reported liquidation in Ethereum was of $193.35 million, including $50.09 million in short and $143.26 million in long.

Solana reported liquidation of $27.68 million with $20.94 million in long and $6.74 million in short; XRP saw a liquidation of $21.60 million with $3.6 million in short and $17.93 million in long.

Liquidation in Dogecoin in the past 24 hours is $11.19 million with $7.86 million in long and $3.32 million in short; BNB’s liquidation is $286.67k in short in the past 24 hours and $1.17 million long.

The liquidation of the entire market in the past 24 hours has crossed the mark of $1 billion. 

Which Exchanges Were Hit the Hardest?

Following the news of the attack, the crypto saw a sudden instability with the highest liquidation being reported from Bybit of $255.29 million around from this figure of which $206.02 million is from long positions. 

Binance followed Bybit with $140.54 million in total liquidation intraday, the liquidation is 62% constituted of long; Gate(dot)io witnessed a $96.75 million in liquidation, including $77.56 million in long.

HTX stands at $81.67 million following a liquidation of $68.16 million in OKX, Bitfinex had a relatively small liquidation volume of $6.72 million, and CoinEx had $4.32 million of liquidation.

Primary effects on Oil and other markets after Iran was attacked 

Following Israel’s attack on Iran on June 13, 2025, Brent Crude, the global benchmark, grew by 7%, briefly exceeding $75 per barrel, marking the highest surge since April. U.S West Texas Intermediate (WTI) also grew significantly, reaching around $72.98 per barrel.

Prices in the oil market have seen major fluctuations, with Brent reaching $79.04 on June 19, and when writing, it was $77.06; and WTI is $73.85.

Some stocks of airline companies like United Airlines, Delta Airline, American Airlines, and stock of Expedia fell by 3.5%. Also the Wall Street saw a decline, while Middle East markets like Qatar, Saudi Arabia, and Kuwait remained flat or slightly up on June 22, suggesting some investor optimism for a contained conflict.

Simon Gerovich, the Chief Executive Officer of Metaplanet, wrote in his X post dated June 23, 2025, that the company has bought 1,111 Bitcoins for 17.26 billion yen. Following this purchase, the Japanese giant now holds 11111 BTC, making it the 8th most prominent above Hut8, which holds 10,273 BTC.

メタプラネットは、1111 BTCを約172.60億円で取得（1BTCあたり約1554万円）し、2025年の年初来BTCイールド306.7%を達成しました。2025年6月23日現在、当社の保有量は11111 BTCで、約1564.1億円（1BTCあたり約1408万円）で取得しています。 pic.twitter.com/yYb3OKqM99

— Simon Gerovich (@gerovich) June 23, 2025

The total Bitcoin holding of Metaplanet is valued at above $1.07 billion, with an average purchase per coin at $95,869. As of writing, the stock of Metaplanet is down by 6.51%, reaching 1,665 JPY.

As per the post of Simon Gerovich, it is noted that the BTC yield by Metaplanet earned since the beginning of this year is to date is 306.7%.

On the other hand, the BTC yield of Metaplanet from April 01, 2025, to June 01, 2025, is 107.9%, yet the yield from January 01 to March 01, 2025, was 95.6%.

A quick overview of the Metaplanet stock price

Other than intraday loss, Metaplanet (TYO:3350) stock lost more than 12% of its price, reaching 1,654. Despite these two losses, it is up by 102.07% in the past 30 days, 367.23% in the past six months, and more than 363% YTD.

Source: Google Finance

According to Google Finance, Metaplanet stock traded highest at 1,741 JPY in the daily time frame and lowest at 1,640 JPY, and in the 52-week time frame it traded highest at 1,930 JPY and lowest at 56.90 JPY.

The current market capitalization of Metaplanet is $6.70 billion, which is up by 736.13% in the ongoing year. The cap in 2024 was $0.80 billion, and in 2023 it was $13.83 million.

As per the information available on TradingView, Metaplanet posted a revenue of 877.24 million JPY, with a net income of negative 5.05 billion JPY and has a net margin of negative 575.32%.

It is worth noting that 492.33 million Metaplanet shares are free floating and 108.36 million shares are closely held. 

Bitcoin price updates 

Until publishing, Bitcoin is trading at $102,001 with a loss of 0.76%, in a week it is down by 4.33%, and in the past 30 days it has lost more than 5.58% of its price.

Source: TradingView

Currently, the market capitalization of Bitcoin is $2.02 trillion, with a loss of 0.71%, and its volume is $62.57 billion, which is up by 33.47%.

In a month, BTC traded highest at $110,744 and lowest at $98,286, and in 52 weeks, its highest traded price was $111,970 and lowest at $49,121.

As of writing, Bitcoin was dominating 65.69% of the wider crypto market, and its dominance is up by 1.53% in a week, 2.45% in a month, 6.70% in a quarter, and more than 13% YTD.

Stablecoins are blockchain-based currencies designed to maintain a stable value, often pegged to mainstream currencies such as U.S dollars, and have become integral to decentralized finance (DeFi), cross-border payments, and financial inclusion.

In today’s informative piece, we will dive deep to understand the regulatory landscape for stablecoins in 2025, covering major jurisdictions and emerging markets. 

The stablecoins market cap is above $230 as of writing and is expected to grow further to new peaks, roughly to $1 trillion by 2025 end.

Global regulatory development in 2025

United States: The United States is advancing stablecoin regulation with two key bills, the GENIUS ACT and the STABLE Act; the Senate has passed the Guiding and Establishing National Innovation for U.S stablecoins on June 17, 2025, with a 66-32 vote. While the Stablecoin Transparency and Accountability for a Better Ledger Economy. It is pending but has bipartisan support. Both these bills aim to establish a federal framework, requiring issuers to be licensed as ‘permitted payment stablecoin issuers,’ maintain a 1:1 reserve, comply with anti-money laundering rules, and ensure consumer protection.

On January 23, 2025, Donald Trump, the president of the United States, signed an executive order prioritising “lawful and legitimate dollar-backed stablecoins” to maintain U.S dollar dominance, tasking regulators to propose a federal framework without 180 days.

European Union: The EU’s Markets in Crypto-Assets (MiCA) regulation, fully effective from December 2024, classifies stablecoins as Assets-Referenced Tokens (ARTs) or E-Money Tokens (EMTs). It mandates strict Reserve requirement transparency and redemption rights. Non-compliant stablecoins were delisted by platforms like Coinbase and others by January 2025. 

Hong Kong and Singapore: Both Hong Kong and Singapore have implemented supportive frameworks balancing Innovation and compliance. Hong Kong stablecoin will pass in 2025, allowing major institutions to apply for a licence, while Singapore regulates stablecoins that have digital payment tokens with a reserve requirement. The Financial Services Agency of Hong Kong requires issuers to hold equivalent reserves ensuring stability. 

United Kingdom: The United Kingdom is developing a framework for fiat pegged stablecoins with the Financial Conduct Authority and Bank of England consulting on the rules since 2024 legislation is expected to be passed in 2026. 

Global trends and challenges 

Across jurisdictions, regulations emphasize 1:1 liquid reserves, transparency through audits, anti-money laundering compliance, and consumer protections. The Financial Stability Board (FSB) reports that 88% of its members plan to align with these principles by 2025. 

Concern persists about reserve backing with Tether facing historical criticism for opaque practices, leading to stricter disclosure requirements. 

Also, the usage of stablecoins in money laundering has increased to a greater extent, and sanction evasion has promoted robust AML and know your customer mandates.

Yet in some regions, the regulatory clarity has fueled corporate adoption with companies like Visa, Stripe, and PayPal integrating stablecoins for payments. Infrastructure readiness is high, with 86% of surveyed firms being ready for integration.

Conclusion 

Stablecoins continue to redefine the digital financial ecosystem, offering speed, efficiency, and global access. However, with growth comes responsibility, and regulators worldwide are stepping up to ensure these assets remain secure, transparent, and compliant. 

From the U.S. legislative push to MiCA in the EU and Asia’s progressive frameworks, a clearer global roadmap is emerging. While challenges like misuse for illicit purposes and reserve transparency persist, enhanced oversight is driving greater institutional adoption and user trust. 

With market valuation poised to hit $1 trillion, stablecoins are no longer fringe assets; they are becoming foundational to the future of money. Their regulated evolution will likely determine how they integrate into mainstream finance in the years ahead

The Solana ecosystem has seen an impressive surge in user engagement, as noted in the Solana Network Health Report published on June 20, 2025, which states that its app revenue exceeded $1 billion in Q2 2025. 

It is worth noting that the app revenue for Solana has been growing consistently for Q3 2023. The app revenue is healthy and industry-leading.

In Q2 2025, the Solana app revenue was comparatively higher than in Q1 2025, yet the revenue on other networks declined.

As of now, Solana’s app revenue is greater than the combined total of all other blockchain networks. Following the spike in revenue, validator income has also surged, reaching $800 million in a quarter.

In 2024, Solana became one of the most prominent blockchains in attracting new developers; it alone attracted 7,625 new developers, much more than any other chain, not even Ethereum.

Is Solana once again gaining traction in a decentralized ecosystem? 

The report by Solana notes that the Nakamoto Coefficient of the network is much greater than Ethereum, Sui, and Sei. 

The geographical bifurcation of Solana validators is unique, with no single nation holding more than 33%; Germany stands at the top with 23.55%, followed by the United States with 17.37%, and the Netherlands with 14.36%.

Solana Network has experienced 100% uptime for nearly 16 months and is still counting, which means it is able to handle transactions without the network facing any downtime or crashes.

The report reads that the replay times, which in 2022/2023 were at a bottleneck, have been dramatically improved and no longer constrain the network. They are consistently below 400ms, making epochs reliably just under 48 hours as expected.

Also, the CU limits have been raised to 50m and will soon be bumped to 60m. During periods of high network activity in January 2025, the Solana Network broke several records, including all-time highs of activity for any blockchain in history.

In this period of high activity, Solana successfully processed several days of over 200M daily transactions, 400k new wallet downloads, over $200 million in liquidity inflow, and DEX volume of up to $39 billion a day.

What is backing the skyrocketing popularity of Solana? 

Solana has become a hub for DeFi and NFT projects with platforms like Orca, Raydium, and Jupiter driving significant activities; it has also emerged as the go-to blockchain for memecoins such as Dogwifhat, Bonk, Fartcoin, and Trump coin.

Major institutions such as Franklin Templeton, Visa, and Société Générale have Solana for its tokenizing efficiency; its integration with Shopify has also allowed millions of new users to use Solana Pay for the 1st time.

Some of the known crypto ETF providers have already filed their applications with the respective regulators and commissions to offer a Solana spot ETF to make SOL more common and easy to trade for common users.

On the other hand, some publicly listed companies have heavily invested in Solana. Upexi (NASDAQ) holds 679,677 SOL, DeFi Development Corp has 621,313 Solana tokens, Sol Strategies holds 420,796 tokens, Sol Global Investment Corp has 40,350 SOL, Torrent Capital Limited has 40,039 Solana, and Classover Holdings has 13,189 SOL.

A quick overview of Solana prices

According to the data from CoinMarketCap, Solana is currently trading at $140.85 with a loss of 4.68% and has lost around 3.40% in a week. Also, the market capitalization of Solana saw a decline of 4.16%, reaching $74.81 billion.

Source: CoinMarketCap

In the intraday time frame, Solana traded highest at $148.72 and lowest at $136.51, and in the past 52 weeks, it traded highest at $294.33 and lowest at $96.59.

Yet since the beginning of 2025 till writing, Solana prices have faced a severe decline as it lost 18.88% of its price in a month and 25.64% YTD.

Latest data from CryptoQuant, a on-chain analytics firm, notes that a notable shift has been occurring in Bitcoin ownership dynamics; since late May, wallets associated with short-term holders (STHs) have experienced a sharp decline.

Source: CryptoQuant

As of June 19, 2025, these wallets collectively hold around 4.5 million BTC, down from 5.3 million BTC on May 27. This indicates a reduction of 800,000 BTC or around 15.1% in under a month.

This decline in STHs not only indicates numerical decline but also a potential indicator of shifting market sentiments. In bullish phases of the crypto market, this group usually expands rapidly.

On the other hand, if the STHs continue to decline without a corresponding increased LTH supply, it could raise concerns about weakening demand and border market hesitancy.

In its X post dated June 20, 2025, CryptoQuant notes that ‘New money is drying up in Bitcoin,’ and ‘ Demand momentum sinks to –2M BTC, the worst on record.’

New money is drying up in Bitcoin.Short-term holders now hold 4.5M BTC, down 0.8M since 27 May.Demand momentum sinks to –2M BTC, the worst on record. pic.twitter.com/ollWBXHdll

— CryptoQuant.com (@cryptoquant_com) June 20, 2025

The demand for Bitcoin is slowing down globally

As per the CryptoQuant report, the recent decline in short-term BTC holdings isn’t an isolated event; it’s a part of a broader slowdown in market demand. It has highlighted that the demand momentum has dropped by roughly 2 million BTC, marking the lowest level ever recorded.

While BTC buying hasn’t stopped completely, it is happening at a much slower rate; in the past 30 days, the net demand for Bitcoin grew by just 118,000 BTC, a sharp decline from the 228,000 BTC increase seen at the end of May.

What’s particularly notable is that this decline spans both retail and institutional segments; on one side, everyday investors appear to be stepping back, possibly due to market uncertainty, declining hype, or a lack of a short-term price catalyst. 

Even whale wallets holding massive BTC have started easing their buying pace; their monthly accumulation rate fell from 3.9% to just 1.7%, clearly indicating a sentiment shift among large-scale investors.

A quick overview of Bitcoin prices

As of writing, BTC was exchanging hands at $105,979 with an increase of 1.04% in the past 24 hours; at the same time, its market cap grew by 1.10%, reaching 2.1 trillion.

Bitcoin is still trading above its 20, 50, 100, and 200-day exponential moving averages, and in the year-to-date time frame, it is up by 13.23%.

In the monthly time frame, the identified resistances of Bitcoin are $123,296 and $149,959; in the same frame, its supports are $53,498 and $37,026.

The weekly resistance of BTC is $124,892 and $151,555.20, and support levels are $55,094 and $38,622. The current market dominance of BTC is 64.97%, which is up by 1.03% in a week and 11.85% YTD.

According to Reuters, the governor of the South Korean central bank said on June 18, 2025, that he isn’t against issuing won-pegged stablecoin but has concerns about managing capital flows.

Rhee Chang-yong said, “ Issuing won-based stablecoin could make it easier to exchange them with a dollar stablecoin rather than working to reduce the use of dollar stablecoin. That in turn could increase demand for dollar stablecoin and make it difficult for us to manage forex.”

In simple words, stablecoins are the blockchain-based cryptocurrencies designed to maintain the constant value of typically 1:1 to U.S or any other similar traditional currency.

The comments of the governor came following the recent appointment of pro-crypto president Lee Jae Myung, after the impeachment of the previous president. 

What is the Digital Asset Basic Act proposed by SK? 

The Digital Asset Basic Act is a proposed legislative framework in South Korea aimed at establishing comprehensive regulations for digital assets, including cryptocurrencies, stablecoins, and related services. 

Legislation was proposed by the ruling party on June 10, 2025, under the newly sworn president of South Korea. The proposed legislation will allow companies in SK with at least 500 million Won in equity to stablecoins pegged to the national currency or any other fiat currency like the U.S dollars.

It is also mentioned in the proposed legislation that the stablecoin issuers must maintain 1:1 fiat collateral in reserves held at licensed Korean banks to ensure convertibility and protect against insolvency.

In order to issue stablecoins, the issuers will be required to get approval from the Financial Services Commission, adhere to daily proof of reserve reporting, and conduct monthly stress tests to simulate market collapse.

Why is everyone flocking towards stablecoins? 

Over time, the usage of stablecoins has surged to new peaks, and the number of stablecoins in the market has also grown.

Unlike volatile cryptocurrencies, stablecoins are pegged to assets like the U.S dollars or gold, keeping their value steady. The backing from real-world assets makes stablecoins more trustworthy and appealing.

When prices of other coins swing wildly, stablecoins hold steady, making them a go-to for traders looking to park funds without cashing out fiat currency.

One primary reason that has boosted stablecoins’ popularity is their real-world usage; stablecoins like USDT and USDC, including others, are now widely used in lending, borrowing, and trading with lower fees and faster settlement than traditional banking.

A quick overview of the crypto market 

As of writing, the crypto market capitalization was $3.29 trillion, with an increase of 0.81%, and the trading volume is $88.36 billion. On the other hand, the crypto fear and greed index was 48, indicating neutrality.

Bitcoin reached $106,047 with an increase of 1.09%, and the market capitalization was $2.1 trillion with an addition of 1.04%. The intraday gainers list has been topped by Sei, followed by Kaia, Gate token, Story, Bitcoin Cash, Stacks, and Bitcoin Cash.

With stablecoins becoming the focus of the discussion in the wider crypto market, several companies, firms, and institutions are now planning to launch their in-house stablecoin to ease the transaction process for their users and customers.

In a press release dated June 19, 2025, Alchemy Pay has announced that it is planning to launch a blockchain especially for stablecoin payments named Alchemy Chain.

The date of launch is expected to be in Q4, 2025; yet to be launched, the ecosystem will facilitate hassle-free transactions between local and international stablecoins backed by traditional currency.

It is worth noting that after the launch of Alchemy Chain, the company also plans to launch a stablecoin in the near future. 

In an X post dated June 19, 2025, Alchemy Pay said, “ With stablecoin regulation gaining global momentum, AlchemyPay will launch AlchemyChain, a stablecoin-focused blockchain in Q4, and is planning for a stablecoin launch in the future.”

With #stablecoin regulation gaining global momentum, #AlchemyPay will launch #AlchemyChain, a stablecoin-focused blockchain in Q4, and planning for a stablecoin launch in the future. We are ready to lead as a global & local stablecoin exchange hub. Read our article for… pic.twitter.com/pfzQAE3oDu

— Alchemy Pay|$ACH: Fiat-Crypto Payment Gateway (@AlchemyPay) June 19, 2025

As the regulations over stablecoins are getting clarity in some of the regions, including Hong Kong, the United States, Japan, and the European Union.

The GENIUS ACT of 2025

The GENIUS ACT of 2025 is a U.S Senate bill passed with a 68-30 vote, which aimed at regulating payment stablecoins pegged to assets like the U.S dollars to maintain stablecoins.

It also establishes a federal framework to enhance consumer protection, ensure financial stability, and promote the U.S dollar’s dominance in the digital economy.

Under this act, payment stablecoins as digital assets are pegged to a fixed monetary value used for payment or settlement, explicitly stating they are not securities, commodities, or investment products under federal law.

Only “permitted payment stablecoin issuers” can issue stablecoins in the United States, including the subsidiaries of insured depository institutions, federal qualified nonbank payment stablecoin issuers, including others.

Both the Guiding and Establishing National Innovation for U.S Stablecoins Act of 2025 and the Stablecoin Transparency and Accountability for Better Ledger Economy Act of 2025 aim to regulate dollar-backed stablecoins, ensuring consumer protection, financial stability, and compliance with anti-money laundering and national security measures.

Is the stablecoin market eying a market cap above $1T? 

As per several estimates, the total stablecoins market is expected to reach nearly $1 trillion in the next coming year; when writing, the market cap was $251.7 billion.

In terms of market capitalization, USDT leads the list, followed by USDC, Ethena USDe, Dai, Sky Dollar, BlackRock USD, World Liberty Finance, and Ethena USDtb.

The U.S. Treasury Secretary, Scott Bessent, has predicted a $2 trillion market capitalization by 2028, with some analysts, like those from Citigroup, estimating up to $3.7 trillion by 2030.

Yet there are also estimates that to test the $1 trillion or above mark, the stablecoin category is expected to face severe hurdles like global regulatory stance and others.

Semler Scientific, a healthcare tech firm, has appointed Joe Burnett as director of Bitcoin treasury and also announced to boost its Bitcoin holdings to 10,000 by the end of this year, 42,000 by 2026 end and aims to hold 105,000 BTC by 2027 end.

The buying will be done using proceeds from equity and debt financing and cash flow from operations, as per the press release dated 19, 2025.

With these two major announcements, Semler Scientific Chairman Eric Semler said, “ We are excited to have Joe join our Bitcoin strategy team and help drive our three-year plan to own 105,000 Bitcoins.” He adds, “Joe is an analytical thought leader on Bitcoin and Bitcoin treasury companies. His expertise will be instrumental as we pursue our Bitcoin treasury strategy and aim to deliver long-term value to our stockholders.”

In an X post on June 20, 2025, Joe Burnett said, “ It’s time to build one of the most valuable companies in the world,” adding, “I’m Excited to join the team. Thank you, Eric Semler, Renae Cormier, and Natalie Burnell.”

It’s time to build one of the most valuable companies in the world.Excited to join the team. Thank you @SemlerEric, @renaecormier, @natbrunell, and team for the opportunity! https://t.co/wM1uXjprb1

— Joe Burnett, MSBA (@IIICapital) June 19, 2025

A brief of Semler Scientific Bitcoin holdings 

Semler Scientific, Inc., a Nasdaq-listed company, adopted it as its treasury reserve asset in May last year and has since made several purchases. On May 28, 2024, it was reported that the company initially bought 581 Bitcoins for around $40 million.

On June 6, 2024, Semler Scientific bought 247 BTCs for $17 million cash, which brought its total holdings to 828 Bitcoins; in the same month, the company bought another 52 BTC. 

In August 2024, the company bought Bitcoins for $5 million in cash, and the buying has continued to this day. As of this writing, it holds 4,449 BTC valued at $465 million, just below GameStop, which had 4,710 BTC in its balance.

Semler Scientific stock price overview 

According to the data from TradingView, Semler Scientific (Nasdaq: SMLR) stock added 11.95% to its price in the last trading session, reaching $31.94; despite this bullishness, the prices are still below the 20, 50, 100, and 200-day exponential moving averages.

Source: TradingView

It is worth noting that despite a surge in intraday and weekly time frames, SMLR stock is down by 18.33% in a month and is roughly 42% in losses in the YTD frame.

Semler’s 9.02 million shares are free floating, and 2.13 million shares are closely held, with a market capitalization of $351.18 million.

In 2024, the revenue of Semler Scientific was $56.29 million, and the reported EPS was $5.13. For 2025, the estimated EPS is $2.28 and revenue of $56.50 million.

However, the reported revenue of the company in the 1st quarter was $8.84 million, net income was negative $64.70 million, and net margin was negative 723.24%.

Certik, a blockchain analysis firm, said in a X post dated June 19, 2025, notes that the MIM exploiters have transferred 3001 Ethereum to Tornado Cash from the address 0x51baB. This movement suggests efforts to launder the stolen funds.

The post notes, “ The MIM_Spell exploiter has just sent 3001 ETH (~$7.57M) to Tornado Cash from 0x51baB.” 

It is worth noting that the hack involved a third-party smart contract, which has since been reviewed, patched, and secured; all the affected users have reportedly received full reimbursements.

The hack was worth millions of  Ethereum; the recent transfer has raised speculations of money laundering using crypto mixer Tornado Cash.

MIM hack explained

In simple words, MIM hack refers to a security breach involving the MIM Spell Project, a decentralized finance protocol operated by Abaracadabra, which issues the Magic Internet Money stablecoin.

The hack was reported on March 25, 2025, which resulted in a loss of 6,261.13 ETH; as per Certik, the exploiters borrowed funds without them and liquidated positions, exploiting a flaw where the liquidation process did not overwrite records, allowing false borrowing.

Over the past few years, hacks on exchanges has became more common, according to a document by Certik dated March 27, 2025, “ The MIM team have reached out to the attacker to offer a 20% bounty, double the standard 10% offered in many exploits, in exchange for the return of the funds. If accepted, the offer would see around 

KaTeX can only parse string-typed expressions 10.4 M returned whilst the exploiter would keep around 2.6 M.” 

When writing the balance of 0x51baB is 0.837077620826194756 ETH, and the address ‘ 0x018182FD7B856AeE1606D7E0AA8bca10F1Cb0b5d’ has ETH of $0.03, and ‘ 0x88E76bcFa300E5D283EFda2035E2158Ff17c4823’ has 0.000003898282815 ETH in balance.

What are crypto mixers? 

In simple words, crypto mixers, referred to as mixing or tumbling services, are tools or services designed to enhance the privacy of crypto transactions by obfuscating the link between the sender and receiver.

Users send their crypto to the mixer’s address, where these funds are combined with other users’ crypto in a shared pool. The mixer service shuffles the funds, breaking the direct link between the sender and receiver addresses.

There are dozens of known crypto mixing services, but Tornado Cash and Rail Gun stand apart from the list because of their massive user base.

Until publishing, the crypto market capitalization was $3.25 trillion with a surge of 0.25%, and the trading volume was $106.79 billion.

The crypto fear and greed index was at 48, indicating neutrality, and Bitcoin is still trading below $106k at $104,311, and Ethereum is near $2,600.

According to reports from South Korean local media outlets, the financial regulators in the nation are planning to investigate the transaction fees charged by regional exchanges; the regulators reportedly aim to reduce trading costs for users.

On June 19, 2025, the Herald Economy reported that the Financial Service Commission in South Korea is planning to launch an investigation over the trading fees charged by exchanges and is willing to intervene if it is found necessary.

It is said that the move to reduce the transaction cost came from the political campaign where he promised to make a reduction in prices to support young traders in the nation.

Noteworthy is that Lee Jae-myung has recently taken oath as the president of South Korea after the impeachment of the previous president. The elections were scheduled in 2027, but due to an emergency, they have been conducted in the ongoing year.

The FSC of South Korea plans to conduct a detailed survey of the exchange, including the current fee system, charging method, and the amount collected.

An official of the commission told the media outlet that, “ We need to examine whether the current fees of domestic exchanges are an excessive burden on consumers and whether they are at an appropriate level compared to overseas cases.”

Is South Korea becoming a crypto-friendly nation? 

South Korea is constantly positioning itself as a crypto-friendly nation, primarily driven by a technology-savvy population; on the other hand, a balanced regulatory approach and set of regulations have helped the market to flourish.

As per some recent surveys, around 31% of the total population of South Korea is actively involved in cryptocurrencies, and by the end of 2024 total value of crypto held by the SK residents was $75 billion.

Domestic exchanges like Bithumb and Upbit are major players in the crypto market of South Korea; over 55% of new exchange users are in their 20s and 30s, driven by high youth unemployment.

There are higher chances of South Korea standing among the top crypto hub contenders shortly. The Financial Services Commission and KoFIU collaborate to enforce anti-money laundering and know your customer requirements, aligning with global standards.

Crypto market price update

Until publishing, the cryptocurrency market was at $3.26 trillion with an increase of 0.39%, and trading volume was $109.33 billion with a loss of 8.41%.

The crypto fear and greed index is at 48, indicating neutrality, and Bitcoin is down by 2.22% in a week, currently trading at $105,025 with a market capitalization of $2.08 trillion.

According to the data from CoinMarketCap, the intraday gainer’s list has been topped by Aerodrome Finance, OKB, Raydium, Sei, Jito, Kaia, Artificial Superintelligence Alliance, Uniswap, and Injective.

In the same frame, the losers are Story, Hyperliquid, Polkadot, Four, Avalanche, Monera, Gate(dot)io, Bitget, and DeXe.

Sol Strategies, the company dedicatedly to supporting Solana and now owns 420,000 SOL, has filed for listing on the Nasdaq Capital Market with an aim to expand in the United States.

It is worth noting that the company is registering its common shares under 12(b) of the United States Securities and Exchange Commission Act of 1934. Which means it is filing to offer its shares to be publicly traded in the United States.

In terms of Solana holdings, Sol Strategies is now one of the most prominent institutional holders of this crypto; the company is focusing on positioning it as a digital assets investment vehicle with a primary focus on blockchain technology.

On June 18, 2025, Sol Strategies’ stock listed in Canada added 4.39% to its price, reaching 2.38 CAD; market experts term this surge as fully backed by the news of its filing for the Nasdaq.

Sol Strategies aims to be one of the largest Solana holders

Sol Strategies, a crypto-focused firm, has a clear intention to buy more and more Solana tokens with significant institutional backing to achieve this goal. In April this year, it secured a $500 million convertible note facility from ATW Partners. 

The facility will be exclusively used to purchase and stake Solana tokens; the 1st trench of $20 million was deployed by May 1, 2025. Sol Strategies stakes the acquired SOL on its validator node, using up to 85% of the staking reward.

Other than Sol Strategies, Upexi, a company registered on Nasdaq, reportedly owns 679,677 Solana tokens; in April this year, the company integrated SOL into its treasury, and on May 12, 2025, Upexi bought 326,347 locked Solana tokens at an average price of $135.22. After this purchase, its holdings reached 596,714 Solana. 

On May 28, it was reported that it had acquired 77,879 locked SOL at $151.50 each. 

DeFi Development Corp. has 621,313 Solana, and Classover Holdings owns 420,355 SOL tokens; after the widening adoption of Bitcoin among institutions, now the trend has arisen of buying other prominent cryptos of the market like Ethereum, Solana, Cardano, Dogecoin, and XRP, including others.

A quick overview of Solana prices 

At the time of writing, Solana is trading at $145.40 with an intraday decline of 1.53% and losing 8.89% of its price in a week. 

Source: TradingView

Solana has lost 13.06% of its price in a month, falling below 20,50,100 and 200-day exponential moving averages, and in the year-to-date time frame, SOL lost 23.37% of its price.

Not only its prices but also Solana’s market capitalization has seen a decline of 7.26% in a week, reaching $235.34 billion, and is down by 6.61% in a month.

Till press time, Solana was dominating 2.39% of the crypto market, its dominance is down by 4.90% in a week and 16.57% in the year-to-date time frame. 

Source: TradingView

The stock of Lion Group Holding Limited – ADR grew roughly 20% in the last trading session and closed at $3.33; according to market experts, the bullish price trend has been fueled after the company secured $600 million in funding from ATW Partners to support its treasury strategy, focusing on Hyperliquid.

As per the press release dated June 18, 2025, Lion Group Holding Ltd intends to use the gathered amount for buying Hyperliquid tokens in bulk and on-chain initiatives. The company is eyeing the launch of next-generation layer-1 treasury reserves anchored by Hyperliquid, Solana, and Sui.

The CEO of Lion Group Holding Ltd, Wilson Wang said, “ Hyperliquid represents a natural extension of LGHL’s existing derivatives business into decentralized markets, and reflects our conviction that decentralized on-chain execution is the future of trading,” adding “ We view protocols like HYPE, with decentralized sequencing, as foundational to building scalable DeFi systems. We may also allocate to Solana (SOL), a leader in consumer-facing applications, and Sui (SUI), a performant, composable layer-1 with recent backing from Eric Trump’s World Liberty Financial – both forming key pillars to our treasury strategy focused on execution-first protocols.”

“We are proud to support LGHL’s strategic expansion into Solana and Sui with our institutional-grade custody and trading solutions,” said the CEO of BitGo, Mike Belshe. Further adding, “ This $600 million facility reflects a clear signal that institutional investors are accelerating their diversification into next-generation blockchain ecosystems. BitGo is positioned to power this next wave of institutional adoption, and we’re excited to serve as LGHL’s trusted partner at the forefront of this new phase in digital asset treasury management.”

It is worth noting that Lion Group Holdings Limited-ADR is planning to list its stock in Asia, and with higher changes in Singapore and Tokyo. 

A quick overview of Lion Group Holding Ltd (NASDAQ: LGHL) 

According to data from TradingView, NASDAQ: LGHL is currently trading above its 20 and 50-day exponential moving averages, but at the same time below 100 and 200-day EMAs.

Source: TradingView

Over the past one week, Lion Group Holding Ltd stock is up by 18.51% and has added more than 28% in the monthly time frame. On the other hand, it fell nearly 30% in a quarter and more than 68% YTD.

On June 18, 2025, the trading session of LGHL traded lowest at $2.76 and highest at $4.84. In a year, it recorded its highest trading price of $22.99 and its lowest of $2.13.

Currently, the market capitalization of Lion Group Holding Ltd is $1.79 million, with 540.00k shares free floating in the market, and 171.03k shares are closely held.

A gist of Hyperliquid prices

According to the data from CoinMarketCap, Hyperliquid is trading at $37.85 with an intraday loss of 6.50%, and its market capitalization reached $12.63 billion with a subtraction of 6.21%.

Source: CoinMarketCap

In the past seven days, the Hype token is down by 9.64%; however, it is bullish in the long term, adding 42.70% in a month and growing 1081.53% in a year.

Hyperliquid’s highest trading price was $45.59 on June 16, 2025, marking a new all-time high, and its lowest trading price was 3.20 on November 29, 2024.

ATW Partners’ major funding to crypto-based companies 

On June 11, 2025, Interactive Strength raised $55 million in post-IPO equity. ATW Partners led the funding round with DWF Labs; with these funds, the company aims to acquire FET tokens to build the largest U.S publicly listed AI-token treasury.

ATW Partners backed a $57.8 million funding round of BTCS ( Blockchain Infrastructure), a company focused on blockchain infrastructure.

On April 23, 2025, ATW Partners participated in a $500 million post-IPO debt funding round of Sol Strategies that is dedicated to supporting Solana and has staked SOL tokens worth millions of dollars.

Fold, Inc. raised $20 million in convertible notes, and the round was led by ATW Partners. 

Prosecutors in Russia said that they have shut down a 30k sqm illegal crypto mining farm operating in an industrial plant located on state-owned property.

According to the official Telegram post from the account of Krasnoyarsk Krai Prosecutor’s Office, the “open air facility” was based in the town of Nazarovo. 

The post further notes that it has got the court order to raid the facility, with the farm reportedly earning coins worth 4.6 million in a month for its operators.

It is worth noting that the operator has fenced off the facility with barbed wire; the prosecutor quotes, “ The farm was right out in the open air in the town’s industrial hub district.”

The building was registered as a non-residential building under the name of a management company; also found the raided facility was not following the norm for fire safety.

Crypto mining operations in peak in Russia 

In 2023, Russia became one of the second-largest crypto mining hotspots in the world, with a generating capacity of about 1 gigawatt. By 2024, the nation mined 54,000 Bitcoins, which generated roughly $3 billion in taxes.

The legalization of crypto mining in Russia in November 2024 has changed the nation’s position in the global context; state-owned energy giants like Rosseti and Gazprom are jumping into the mining market.

Starting January 01, 2025, a six-year ban on crypto mining kicked in 10 regions, including Donetsk and others, due to an energy shortage. After the November 2024 update on mining, a massive surge has been recorded in the sales and purchases of crypto mining equipment.

A quick brief of the Russian crypto market

In the just passed year, the projected revenue of the crypto market of Russia was $1,653 million with an expected decline of 4.83%, reaching $1,558 million in the ongoing year.

The total number of crypto users in Russia is expected to be 24.59 million by 2025, with a rough penetration rate of 17%, and a major portion of the user base consists of the younger generation.

Only about 3% of respondents owned or used cryptocurrencies, with the 25-34 and 35-44 age groups being the most active, a survey held in 2020 said. Russians held approximately 10 trillion rubles in digital assets, says the report by the Kremlin.

Russia’s crypto market is significant, with 2025 revenue estimates ranging from US$1.56-2.3 billion, 24.59-44.29 million users, and substantial mining activity. 

Crypto market price updates 

Until publishing, the crypto market cap was $3.24 trillion with a loss of 1.31%, and volume was $117 billion at the same time; the crypto fear and greed index was 48, indicating neutrality.

Bitcoin lost roughly 1.00% of its price and is now trading below the $106k mark at $104,892. Its market capitalization is $2.08 trillion, with a loss of 0.71%.

Ethereum is down by 1.41%, reaching $2,512, Solana is at $146.55 with a loss of 2.50%, and BNB is down by 1.17%, reaching $645.12.

Nobitex, an Iranian cryptocurrency exchange, has lost $81 million in a hack, as per the Telegram post by ZachXBT on June 18, 2025; the attack on the exchange was conducted by a pro-Israel hacker group, Gonjeshke Darande. 

The blockchain investigator said that the attackers have used a vanity address, “ TKFuckiRGCTerroristsNoBiTEXy2r7mNX,” and the second address was “0xffFFfFFffFFffFfFffFFfFfFfFFFFfFfFFFFDead.”

The hack was also confirmed by the exchange in an X post June 18, 2025, which notes, “ Earlier today, June 18, Nobitex has identified unauthorized access to parts of its infrastructure specifically affecting our internal communication systems and a portion of our hold wallets.” 

In its most recent post, Nobitex said, “ From the very first moments, our technical and security teams took immediate action to contain the incident and protect the users’ assets.” 

Following this incident, the exchange took several steps, including network isolation, hot wallet asset migration, ongoing asset assessment, system recovery in progress, users’ balance remaining intact, and cooperation with authorities. 

The attack allowed the hackers to siphon off a significant amount of digital assets, primarily USDT, on the Tron Network, along with Bitcoin, Dogecoin, and other EVM-compatible tokens.

Usage of vanity addresses suggests sophisticated and targeted operations likely leverage compromised credentials or weak security in the exchange infrastructure.

A quick update on the biggest hack in crypto

The largest crypto hack of 2025 is the Bybit exchange breach on February 21, which helped hackers to wipe out $1.5 billion in Ethereum, making it one of the biggest hacks in crypto history.

A known crypto exchange, Bitget, suffered a $100 million hack due to a market-making exploit; it is also said that between March to May, the losses were between $387 million.

Cetus Protocol, a DeFi, was hit by a $223 million spoof tokens exploit, making it one of the 2025 largest breaches; the malicious actors exploited the smart contract vulnerabilities, draining funds rapidly.

Some most popular hackers troubling crypto include, Lazarus Group of North Korea, Gonjeshke Darande (Predatory Sparrow), TeamTNT, and  APT28 (Fancy Bear). 

Every year, the crypto market loses billions of dollars in crypto, yet the market is expanding its footprint in the wider finance ecosystem.

Crypto market price overview

As of writing, the crypto market is down by 1.61%, reaching $3.24 trillion with trading volume above $120 billion; on the other hand, the crypto fear and greed index is showing neutrality, which has been at 48.

Bitcoin is down by more than 1.50% and is now trading at $105,231 with its market cap at $2.08 trillion. Over the past few days, BTC has been tumbling in the range between $104k to $109k.

The intraday losers are Story, SUI, Immutable, Bittorrent, Kaspa, OKB, Fartcoin, Sky, and Dogwifhat. At the same time, the gainers are Kaia, Aerodrome Finance, and AB.